DE Beers, the world’s largest diamond producer, and luxury group LVMH Moet Hennessy Louis Vuitton (LVMH) said on Thursday that the European Commission (EC) has opened a Phase II investigation into their proposal, originally announced on Jan. 16, 2001, to establish an independently managed company to retail diamond jewellery under the De Beers name, the INet-Bridge website reports. De Beers and LVMH said the Commission considered it necessary to take additional time to consider fully all relevant matters before it came to a final decision. They would continue to assist the Commission in its investigation, which was required to be completed within an additional four months. Both parties remained fully committed to the implementation of the project, which, they believed, offered exciting opportunities for the development of a new retail operation that would foster competition in the retailing of diamond jewellery.
–> CUSTOM SHARE SERVICE
CUSTOMISE your share portfolio and have live prices delivered by e-mail or cellphone. Various options available.
More details